There are lots of current schemes aimed at first time buyers, and one particular one I thought I would mention as it allows FTB's with no deposit the opportunity to buy a house.

It is called "my choice homebuy" and works as follows:

The individual can apply for an equity loan from the government for between 15% and 50% of the purchase price of a property. This loan is to be used as a deposit and comes at a very low interest rate (less than 2%).

The individual then gets a standard residential mortgage for the rest of the purchase price.

This essentially allows FTB's who don't have a deposit the chance to purchase a home.

Extra benefits of this schem are that, unlike many of the shared equity/ownership schemes available, you are not restricted to a property that is part of a development where a propertion of the homes have been set aside for affordable housing. In this case, you can buy a property of your choice (there will be a maximum value which varies between areas).

For further information, contact a good independent mortgage broker who will be able to assist you with the mortgage and should have more information on the various schemes available.